Insurance Fraud is a Problem in Maryland
ANNAPOLIS, Md. - Oyango Snell, state government relations manager and counsel for the Property Casualty Insurers Association of America (PCI), issued the following statement in response to the Maryland Senate Finance Committee passage of Senate Bill 854.
“SB 854 provides the start of a legislative framework to stop criminals from staging car accidents and committing insurance fraud, which costs all drivers. By requiring that there be physical contact with another vehicle to verify an accident happened, this legislation should make it more difficult for fraudsters to fake an accident and illegally collect on the insurance, which impacts costs for all drivers.
“Insurance fraud has very real consequences in the form of potential higher premiums. In this economic environment, factors that unnecessarily make insurance more expensive should be addressed – and we all have a role to play in tackling this problem.
“PCI will continue to work with the legislature to ensure the fraudulent activity is addressed and any additional questions are answered.”
PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write more than $183 billion in annual premium, 35 percent of the nation's property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 27 percent of the homeowners market, 32 percent of the commercial property and liability market and 34 percent of the private workers compensation market.
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